Olam Group Shares Fall Over 7% on Wednesday Afternoon as Fraud Allegations Continue to Weigh

Dow Jones2023-09-13

Olam Group's shares fell to a near 15-year low, with sentiment still weighed after the Singapore-listed agricultural commodities trader said its Nigerian unit had posted a bond for one of its directors.

"The company wishes to inform that it has been notified by Olam Nigeria that it has posted a bond for Mr. [Prakash] Kanth on or about 5.00 p.m. Nigeria time (midnight Singapore time), to secure the continued cooperation of Mr. Kanth with any legitimate requests from relevant Nigerian authorities for information or assistance." Olam said in a filing to the Singapore Exchange on Wednesday.

Shares fell 7.83% to touch S$1.06 on Wednesday afternoon.

Earlier this week, Olam denied two news reports that alleged that the commodity trader's Nigerian units and subsidiaries were involved in a multi-billion dollar fraud. In a Monday filing to the Singapore Exchange, Olam refuted the allegations, calling them "baseless and inflammatory statements."

"The company continues to cooperate fully with the relevant authorities, and will update our shareholders and the investing public on any material developments in accordance with the requirements of the SGX-ST listing rules," Olam said Wednesday.

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Comments

AcidIce
2023-09-14
AcidIce
So scam then the shares should drop further to punish them right? I think Olam only with S$0.80++..
- AcidIce:
  It will only logical that it will go lower since there's a scandal. Until when someone can stop it or tell the real truth about the situation inside then price may stable & start to move back up.
- Appliance:
  How did you get that valuation. Explain please.

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I think Olam only with S$0.80++..","listText":"So scam then the shares should drop further to punish them right? I think Olam only with S$0.80++..","text":"So scam then the shares should drop further to punish them right? I think Olam only with S$0.80++..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/219782982443200","repostId":2367569419,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106545135,"gmtCreate":1698206411391,"gmtModify":1698206423892,"authorId":3569382039983887,"author":{"id":3569382039983887,"idStr":"3569382039983887","authorId":3569382039983887,"name":"AcidIce","avatar":"https://static.tigerbbs.com/25a5edd325094826cf6e8822874786ab","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":219782982443200,"type":1,"supId":106527392,"prevId":0,"content":"It will only logical that it will go lower since there's a scandal. Until when someone can stop it or tell the real truth about the situation inside then price may stable &amp; start to move back up.","text":"It will only logical that it will go lower since there's a scandal. Until when someone can stop it or tell the real truth about the situation inside then price may stable &amp; start to move back up.","html":"It will only logical that it will go lower since there's a scandal. Until when someone can stop it or tell the real truth about the situation inside then price may stable &amp; start to move back up."},{"id":106527392,"gmtCreate":1695115601148,"gmtModify":1695116429284,"authorId":3578723066568717,"author":{"id":3578723066568717,"idStr":"3578723066568717","authorId":3578723066568717,"name":"Appliance","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":219782982443200,"type":1,"supId":0,"prevId":0,"content":"How did you get that valuation. Explain please.","text":"How did you get that valuation. Explain please.","html":"How did you get that valuation. Explain please."}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":5,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2367569419"}